Prime Minister Lawrence Wong announced in Budget 2025 a range of financial measures aimed at supporting families with three or more children in Singapore. These include one-time Child LifeSG Credits, increased Edusave and Post-Secondary Education Account contributions for older children, reduced childcare fee caps, and enhanced financial benefits under the Large Families Scheme.
Desiree Leung, a 30-year-old mother of three, expresses concerns about the escalating costs of raising her children. She emphasizes that parenthood is a lifelong commitment, extending beyond their birth and into adulthood. Although her husband also contributes to the family income, Leung acknowledges the financial strain of providing for her children. She believes in prioritizing their needs and increasing their earnings to meet the demands of family life.
However, she worries about the dwindling balance in her eldest child's Child Development Account (CDA). Leung hopes the government will provide additional financial support, not only for her eldest child but also for her other children.Her anxieties were partially eased on Tuesday when Prime Minister Lawrence Wong announced in Budget 2025 that families in Singapore, including Leung's, will receive $500 worth of Child LifeSG Credits as a one-time provision for each Singaporean child aged up to 12. These credits will be distributed in July to children aged one to 12 this year and in April 2026 for newborns. Children aged 13 to 20 will also benefit from Budget 2025. From July onwards, Singaporean children aged 13 to 16 will receive a $500 credit to their Edusave Account, while those aged 17 to 20 will receive $500 deposited into their Post-Secondary Education Account.Furthermore, the government will implement further reductions in monthly full-day childcare fee caps for government-supported preschools. Anchor operator centers will be capped at $610, while partner operator centers will be capped at $650. Prime Minister Wong stated that after basic childcare subsidies, a dual-income family will pay approximately $300 per child. Lower and middle-income families will incur even lower expenses after additional subsidies. In addition to these measures, the Large Families Scheme, designed to support married couples with three or more children, will provide Leung with some financial relief. Under this scheme, families will receive $1,000 annually in LifeSG credits for each third and subsequent child between the ages of one and six. The existing Child Development Account First Step Grant will also experience an increase of $5,000 for parents. All Singaporean children currently receive a $5,000 CDA First Step Grant, and this will double to $10,000 for each third and subsequent child born on or after February 18. This sum can be utilized for preschool and healthcare expenses of the child and their siblings, according to PM Wong. A new Large Family MediSave Grant of $5,000 will also be introduced for each third and subsequent Singaporean child born from February 18. This amount will be deposited into the mother's MediSave account, which can be used to cover pregnancy and delivery costs, as well as family healthcare expenses
BUDGET2025 CHILD LIFE CREDITS LARGE FAMILIES SCHEME EDUCATION SAVINGS CHILDC ARE SINGAPORE
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